New boss at New Day

Council Ventures recently announced Edgardo (Ed) A. Mercadante (at left) has been appointed CEO of the venture-capital firm's portfolio company, New Day Pharmacy. Mercadante previously served as founder, chairman and CEO of Familymeds Group, Inc. (NASDAQ: FMRX); as founder and CEO of APP, Inc., a pharmacy benefits management company; and, as co-founder, president and CEO of Arrow Corporation, operating retail, clinic and institutional type pharmacies. Council said in a release that it expects Mercadante to produce strong gains at New Day, which was not long ago a distressed company. Mercadante also founded Dante Capital Management Investment and is a registered pharmacist. A BusinessWeek profile indicates he is a former member of the board of GNC Corp. and earned his bachelor's at Philadelphia College of Pharmacy and Science.